California

Housing Market
Update
Monthly Sales and
Price Statistics
August 2021
California housing market remains solid by historical
standards – price reached a new all-time high
August 2021

414,860 Existing Home Sales

-10.9% YTY +21.3% YTD % change

Unsold Median Days

Price Inventory Index on Market

$827,940 1.9 months 9 days

+17.1% Y2Y -9.5% Y2Y -30.8% Y2Y

CALIFORNIA ASSOCIATION OF REALTORS®

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02
August 2021 Southern California Housing Snapshot

-4.1% YTY Existing Home Sales

+23.2% YTD % change

$760,000 Existing Home Price

+18.8% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.9 months 9 days 102.7%

CALIFORNIA ASSOCIATION OF REALTORS®

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August 2021 Central Coast Housing Snapshot

+0.8% YTY Existing Home Sales

+26.6% YTD % change

$905,000 Existing Home Price

+11.4% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.8 months 9 days 101.2%

CALIFORNIA ASSOCIATION OF REALTORS®

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August 2021 Central Valley Housing Snapshot

-2.0% YTY Existing Home Sales

+9.7% YTD % change

$450,000 Existing Home Price

+16.9% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.8 months 7 days 102.4%

CALIFORNIA ASSOCIATION OF REALTORS®

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August 2021 Bay Area Housing Snapshot

+2.5% YTY Existing Home Sales

+32.8% YTD % change

$1,265,000 Existing Home Price

+18.4% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.5 months 11 days 106.5%

CALIFORNIA ASSOCIATION OF REALTORS®

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August 2021 Far North Housing Snapshot

-21.9% YTY Existing Home Sales

+9.5% YTD % change

$387,000 Existing Home Price

+19.1% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.0 months 11 days 100.0%

CALIFORNIA ASSOCIATION OF REALTORS®

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Sales
 Sales remain solid but the momentum continues to slow

California, August 2021 Sales: 414,860 Units, +21.3% YTD, -10.9% YTY, -3.3% MTM
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Sep-05

Sep-11
Sep-07

Sep-09

Sep-13

Sep-15

Sep-17

Sep-19
May-12

May-18
May-06

May-08

May-10

May-14

May-16

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
SERIES: Sales of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
9
 Sales dipped by double digits for first time in 14 months

100%
80% Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
60%
40%
20%
0%
-10.9%
-20%
-40%
-60%

SERIES: Sales of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
10
 YoY % chg.

0%

-60%
-40%
-20%
120%
100%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Bay Area

Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
Bay Area sales bounced back

May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
6 per. Mov. Avg. (Bay Area)

Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

May-21
2.5%

11
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 YoY % chg.

0%

-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
So CA

May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
So. California sales losing momentum

Jan-18
6 per. Mov. Avg. (So CA)

May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes
-4.1%

12
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 Central Valley sales slowed albeit at slower pace

50% Central Valley 6 per. Mov. Avg. (Central Valley)

40%
30%
20%
YoY % chg.

10%
0% -2.0%
-10%
-20%
-30%
-40%
-50%

Sep-16

Sep-17
Sep-10

Sep-11

Sep-12

Sep-13

Sep-14

Sep-15

Sep-18

Sep-19

Sep-20
May-13

May-14
May-10

May-11

May-12

May-15

May-16

May-17

May-18

May-19

May-20

May-21
Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
SERIES: Sales of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
13
 Sales by Region

Other August 2021 August 2021 Home Sales Growth

Counties Home Sales by Region by Region
6% 5% 2.5% 0.8%
Far North 0%
Central 2%
Coast -5% -2.0%
-4.1%
4% -10%
Central
Valley -15%
22% -20% -18.8%
-25% -21.9%

S.F. Bay
Southern
Area
California
21%
45%

CALIFORNIA ASSOCIATION OF REALTORS®

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 Sales in upper priced segments remain strong but
growth has slowed form previous high months
August 2021 Share by Price Segment
(YTY% Chg.)
50% 27%
37% $0 - $499k
40% 22% 24%
30% 38%
20%
10%
0%
-10% -2%
-20% 44%
-30% -13% $500 - $999k
-40% -33% 40%
-50%
-60% -52%

29%
2021
$1M+ 2020
22%

SERIES: Sales of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
15
 Sales growth continued to moderate in all price
segments
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
350% $750 - $999k $1,000 - $1,999k $2,000k+
YTY % Chg. in Sales

300%
250%
200%
150%
100%
50%
0%
-50%
-100%

SERIES: Percent Change in Sales page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
16
Share of million-dollar homes sales easing

Share Gap $0-$499k $1,000k and up

60%

50%

40%
% of Sales

28.9%
30%
27.0%
20%

10%

0%
COVID-19 -1.9%
-10% Outbreak
Sep-19

Dec-19

Sep-20

Dec-20
Jun-19
Jul-19

Nov-19

Jun-20
Jul-20

Nov-20

Jun-21
Jul-21
Aug-19

Aug-20

Aug-21
Mar-20
Apr-20

Mar-21
Apr-21
Oct-19

Oct-20
May-19

Jan-20

Jan-21
Feb-20

May-20

Feb-21

May-21
SERIES: Sales by Price Range page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
17
 YTY % Chg. in Pending Sales

0%

-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
for the third straight month

Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Pending sales declined by double digits

Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Percent Change in Pending Sales

Jul-21
-14.2%

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 Pending sales up in the high-end, but pace of
growth decelerating
$0 - $299k $300 - $399k $400 - $499k $500 - $749k

500% $750 - $999k $1,000 - $1,999k $2,000k+

YTY % Chg. in Pending Sales

400%

300%

200%

100%

0%

-100%
Apr-20

Apr-21
Sep-20
Mar-20

Mar-21
Jul-20

Oct-20

Jul-21
Nov-20
Jun-20

Aug-20

Jun-21

Aug-21
Feb-20

Feb-21
May-20

May-21
Dec-20
Jan-20

Jan-21
SERIES: Percent Change in Pending Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Pending sales dropped more in the upper-end
than the more affordable segments
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
50% $750 - $999k $1,000 - $1,999k $2,000k+
MTM % Chg. in pending Sales

40%
30%
20%
10%
0%
-10%
-20%
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21

SERIES: Percent Change in Pending Sales page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
20
 Pending sales – Condos/Townhomes down but
not as much as single-family homes

SFH Condo/Townhome
250%
YTY % Chg. in Pending Sales

200%
150%
100%
50%
0%
-50%
-100%
Sep-18

Sep-19

Sep-20
Mar-18

Mar-19

Mar-20

Mar-21
Jul-18

Jul-19

Jul-20

Jul-21
Nov-18

Nov-20
Nov-19
May-18

May-19

May-20

May-21
Jan-18

Jan-19

Jan-20

Jan-21
SERIES: Percent Change in Pending Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
21
Price
 California median home price set new all-time high

California, August 2021: $827,940, +2.1% MTM, +17.1% YTY

$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
SERIES: Median Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
23
 Condo/Townhome median price unchanged at all-
time high for 3rd consecutive month
California, August 2020: $506,000, August 2021: $600,000
$700,000
$600,000
Median Price

$500,000
$400,000
$300,000
$200,000
$100,000
$0
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
SERIES: Median Price of Existing Condos/Townhomes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
24
 Median price growth moderates for both Condos
and Single-Family homes
50% Condo Single-Family Homes
40%
30%
YTY% Chg. in Price

20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
SERIES: Median Price of Existing Condo/Townhomes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
25
 Price/Square foot set a new all-time high

August 2021: $395, +0.3% MTM, +25.4% YTY

$450
$400
PRICE PER SQ. FT.

$350
$300
$250
$200
$150
$100
$50
$0
Jan-07

Jan-08
Jul-08
Jan-09
Jul-09
Jan-10

Jan-11
Jul-11
Jan-12
Jul-12
Jan-13

Jan-14
Jul-14
Jan-15
Jul-15
Jul-07

Jul-10

Jul-13

Jan-16

Jan-17
Jul-17
Jan-18
Jul-18
Jul-16

Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
26
 The Price/Square foot gap between home types widened

Diff. in Price/Sq. Ft. SFH Condo/Townhome

$600
PRICE PER SQ. FT.

$500 $508

$400 $395
$300

$200

$100

$0
Jul-08

Jul-12

Jul-19
Jul-07

Jul-09

Jul-10

Jul-11

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-20

Jul-21
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
27
 Sales price-to-list price ratio dipped for the 2nd straight
month
Aug 2021: 102.8%, -1.0% MTM, +2.8% YTY
106%
Sales-to-List Price Ratio

104%
102%
100%
98%
96%
94%
92%
90%
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15
Jul-15
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
28
 % of sales with price above
asking price

0%
30%
40%
50%
60%
70%
80%

10%
20%
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Seven out of ten homes sold above asking price

Jan-21
Mar-21
May-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales with sold price above asking price (Existing SFH)

Jul-21
67.0%

29
page
 Homes sold above asking price - by county

Jul 2021: % sold above asking price

100%
90% 87%
80%
70%
60%
50%
40%
30%
20% 14%
10%
0%

SERIES: % of homes sold above asking price page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
30
 List price growth decelerating faster than sales price

60%
Listing Price Sales Price
50%
40%
YTY% Chg. in Price

30%
20%
10%
0%
-10%
-20%

Sep-16
Sep-12

Sep-13

Sep-14

Sep-15

Sep-17

Sep-18

Sep-19

Sep-20
May-14

May-19
May-12

May-13

May-15

May-16

May-17

May-18

May-20

May-21
Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
31
Price growth moderates across all percentiles

Year-over-Year Price Growth

25%
20.7% 20.5%
20% 18.9% 18.3% 19.0%
17.7% 17.7% 18.1%
15.2%
15%

10%

5%

0%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100
Percentile

SERIES: Median Price of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
32
 Price growth remains solid at all percentiles, but
eases further
60% 0-20 20-40 40-60 60-80 80-100
50%

40%
YTY% Chg. in Price

30%

20%

10%

0%

-10%
Sep-18

Sep-19

Sep-20
Mar-18

Mar-19

Mar-20

Mar-21
Jul-19

Jul-21
Jul-18

Nov-18

Jul-20

Nov-20
Nov-19
May-18

May-19

May-20

May-21
Jan-18

Jan-19

Jan-20

Jan-21
SERIES: Percent Change in Price page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
33
 Market Velocity

-100%
-150%
0%
-50%
200%

100%
150%
250%

50%
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Price Growth

Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Market Velocity (12 month trailing average)

Jun-19
California Market Velocity and Price Growth

Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Market Velocity & Price Growth
0%
10%
20%
30%
40%
50%

-50%
-40%
-30%
-20%
-10%

Existing SFR Median Price

34

Growth
page
 Mortgage payment still up by double-digits from
2020
California Median Price vs. Mortgage
30 Yr. FRM
6% Payment
50%
5% 40%
30%
4%

YTY% Chg.
20%
2.94% 2.84% 10%
3%
0%
2% -10%
-20%
1%

Jul-18
Jul-16

Jul-17

Jul-19

Jul-20

Jul-21
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
0%
Sep-15

Sep-16

Sep-17

Sep-18

Sep-19

Sep-20
May-15

May-16

May-17

May-18

May-19

May-20

May-21
Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
35
 Mortgage payment still up by double-digits from
2020
California Median Price vs. Mortgage Payment
50% Price Growth Mortgage Pmt Growth
40%
YTY% Chg.

30%
20% 17.1%
10% 15.6%
0%
-10%
-20%
Apr-16

Apr-17

Apr-18

Apr-19

Apr-20

Apr-21
Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21
Jan-16

Oct-16
Jan-17

Oct-17
Jan-18

Oct-18
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21
SERIES: Price Growth vs. Mortgage Payment Growth page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
36
 Inventory &
Active Listings
 Inventory unchanged from prior month but remains
tight - just below last year’s level
18.0
16.0 August 2020: 2.1 Months; August 2021: 1.9 Months
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
38
 Inventory remains low, but seems to be picking up

5
August 2020: 2.1 Months; August 2021: 1.9 Months

4
Months of Supply

SERIES: Unsold Inventory Index of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
39
 Unsold Inventory up in all regions – still below last year

9.0
8.0 Bay Area So CA Central Valley
7.0
Months of Supply

6.0
5.0
4.0
3.0
1.9
2.0 1.8
1.0 1.5
0.0
Jul-09

Jul-10

Jul-11

Jul-13

Jul-14

Jul-15

Jul-17

Jul-18

Jul-19

Jul-21
Jan-09

Jan-10

Jan-11

Jan-12
Jul-12
Jan-13

Jan-14

Jan-15

Jan-16
Jul-16
Jan-17

Jan-18

Jan-19

Jan-20
Jul-20
Jan-21
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
40
Active listings following seasonal pattern and
leveling off
California Active Listings by Month
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0

2018 2019 2020 2021

CALIFORNIA ASSOCIATION OF REALTORS®

page
41
Active listings following seasonal pattern and
leveling off
California Active Listings by Month
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Sep-18

Sep-19

Sep-20
Mar-18

Mar-19

Mar-20

Mar-21
Jul-19

Jul-20

Jul-21
Jul-18

Nov-18

Nov-19

Nov-20
May-18

May-19

May-20

May-21
Jan-18

Jan-19

Jan-20

Jan-21
CALIFORNIA ASSOCIATION OF REALTORS®
page
42
 0%

-60%
-50%
-40%
-30%
-20%
-10%
10%
20%
30%
40%
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Year-over-Year % Chg

Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Active listings had the smallest decline in two years

Jan-21
Mar-21
SERIES: Active Listing of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

May-21
Jul-21
43
-10.9%

page
 New listings dipped further as COVID cases
remain elevated
New Listings (Existing Single-Family Homes)
35,000 60%
30,730
30,000 40%
26,752
# of new listings

24,913

YTY% chg. in new listings

25,000 23,350
20%
20,000
0%
15,000
-6.3%
-20%
10,000

5,000 -40%

0 -60%
Jan-19

Jan-21
Jan-18

Jan-20

Jan-21

Jan-19

Jan-20
May-19

May-20

May-21
Jul-21

Nov-19

Nov-20
Apr-20
Apr-18
Jul-18

Apr-19
Jul-19

Jul-20

Apr-21

Mar-19

Jul-19
Sep-19

Mar-20

Jul-20
Sep-20

Mar-21

Jul-21
Oct-18

Oct-19

Oct-20

SERIES: New Listings (Existing Single-Family Homes) page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
44
 Sales continued to outpace new listings

Sales vs. New Active Listings

35,000 New Active Sales
30,730
30,000 26,752 26,948 25,946
25,580 25,132 24,913
25,000 23,350

20,000

15,000

10,000

5,000

SERIES: New Listings vs. Sales (Existing Single-Family Homes) page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
45
 Imbalance between sales and newly active listings
depletes overall supply level
yty% chg. in sales yty% chg. in new active listings yty% chg. in total active listings

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

page
46
 Housing supply nearly at last year’s levels –
continues tight by historical standards
Aug-20 Aug-21
14,000 13,118
12,000 11,574
Active Listings

10,000
8,000
6,000 4,853 4,926 5,204
4,000 3,969

2,000 1,482974 1,2981,218

0
San Francisco Southern Central Valley Central Coast Far North
Bay Area California
SERIES: Active Listings of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
47
 Demand & Supply seeking for balance

August 2021
Sales Active Listings
40%
Year-to-Year % Chg

5.6%
2.5% 0.8%
0%
-4.1% -2.0%
-6.2%
-11.8%
-18.2% -21.9%
-40% -34.3%
San Francisco Southern Central Valley Central Coast Far North
Bay Area California
SERIES: Sales and Listings of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
48
Market Competitiveness
 Listings appear to be on market for a bit longer, but
still less than last year.
California, August 2020: 13.0 Days; August 2021: 9.0 Days
70
60
Days on Market

50
40
30
20
10
0

SERIES: Median Time of Market of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
50
Median time on market lower than last year for
all percentiles
Median Time on Market
40 Aug-20 Aug-21

30
30
Days on Market

20 18 17
14 15 15
12 12 13 13
10 9 10 10 10 9 10 9
10 8 8

0
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Percentile

SERIES: Median Time on Market of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
51
 Sales-to-list price ratio signaling a very competitive
market - still
California Sales-to-List Price Ratio by Quintile
106% 104.9% 104.6%
104% 103.0% 103.4% 103.5%
102.8%
102.1% 102.2%
102% 101.4%
100.0%
100%
98%
96%
94%
92%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Aug-20 Aug-21
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
52
 Median sales vs. list price growth $1M+ properties

California Median Sales vs. List Price Growth

25%
20%
YTY% Chg. in Price

15%
10%
5%
0%
-5%
-10%

Sep-20
Sep-10

Sep-15
Apr-10

Apr-15

Apr-20
Mar-13
Nov-09

Jul-11

Nov-14

Mar-18
Jul-16

Nov-19
Jun-09

May-12

Aug-13

Jun-14

May-17

Aug-18

Jun-19

Feb-21
Feb-11

Feb-16
Dec-11

Dec-16
Jan-09

Oct-12

Oct-17
Jan-14

Jan-19
Listing Price Sales Price

SERIES: Sales to List Ratio of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
53
 Reduced-Price Listings

Share of Listings with a Reduced Price: 25.3%; Median Reduction Amount: -5.0%

50% 0%
45% -1%
40% -2%
35% -3%
30% -4%
25% -5%
20% -6%
15% -7%
10% -8%
5% -9%
0% -10%
1/1/2010
6/1/2010

4/1/2011

2/1/2012

3/1/2014
8/1/2014
1/1/2015
6/1/2015

4/1/2016
9/1/2016

7/1/2017

5/1/2018

3/1/2019
8/1/2019
1/1/2020
6/1/2020

4/1/2021
11/1/2010

12/1/2012

10/1/2013

11/1/2015

10/1/2018

11/1/2020
9/1/2011

7/1/2012

5/1/2013

2/1/2017

12/1/2017
Share Reduced Median Reduction
SERIES: Listing Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
54
 Growth in Reduced-Price Listings

Growth in Share of Listings with a Reduced Price: -2.2%

Growth in Median Reduction Amount: 0.6%
10% 1.4%
1.2%
5% 1.0%
YTY % chg.

0.8%
0% 0.6%
-5% 0.4%
0.2%
-10% 0.0%
-0.2%
-15% -0.4%
1/1/2015

7/1/2015

1/1/2016
4/1/2016

1/1/2017
4/1/2017
7/1/2017

1/1/2018
4/1/2018
7/1/2018

1/1/2019
4/1/2019

1/1/2020
4/1/2020
7/1/2020

1/1/2021
4/1/2021
7/1/2021
4/1/2015

7/1/2016

7/1/2019
10/1/2015

10/1/2016

10/1/2018

10/1/2019
10/1/2017

10/1/2020
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
55